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Estate Planning

The goal of estate planning is to minimize the IRS estate transfer tax that is imposed on significantly sized estates. Most estate planning tools are designed to accomplish one or more of the following:

  • Eliminate unnecessary taxes on the estate
  • Minimize unavoidable taxes and settlement costs that the estate will incur
  • Position the estate for maximum flexibility to take advantage of any future tax law changes
  • Create the liquidity needed to pay any transfer taxes in the most cost-efficient method

Below are some frequently used estate planning tools and techniques:

I. Eliminate

  • Will
  • Living trust
  • Unified credit bypass trust
  • Irrevocable life insurance trust
  • Charitable planning
  • Charitable remainder unitrust
  • Charitable lead trust

II. Minimize

  • Gifting combinations
  • Outright gift
  • Annual exclusion
  • Purchase techniques
  • Installment sale
  • Private annuity
  • Self-canceling installment note
  • Buy/sell agreements
  • Discounting opportunities
  • Family limited partnership
  • Grantor retained annuity trust
  • Grantor retained unitrust

III. Liquidity

  • Life insurance
  • IRC 6166
  • IRC 303 redemption
  • Zero coupon bonds
Client Centered

Creating a plan that addresses both estate and retirement needs helps ensure that you enjoy your retirement and pass wealth onto your family and charitable causes. Estate planning helps maximize your wealth — regardless of the amount — and determine the best way to distribute it. It’s also important for business owners who have significant assets tied to their business. 

With expertise and guidance, you can best plan for estate taxes and maximize the assets passed to your beneficiaries. 

For more information about our firm and the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you. | (713) 561-8119

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